CALGARY, ALBERTA--(Marketwire - Sept. 5, 2012) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced that its Board of Directors has appointed Al Monaco as President and Chief Executive Officer of Enbridge effective October 1, 2012. Mr. Monaco is currently a member of the Board of Directors. As previously announced, Patrick D. Daniel will retire as CEO and will also retire from Enbridge's Board of Directors at that time.
"Enbridge has a long and successful history in delivering energy in North America and I feel privileged to have this opportunity to lead the Company," said Mr. Monaco. "Pat Daniel has been an exceptional leader and positioned us very well for the future. On behalf of our Board of Directors, management team and nearly 8,000 employees, we thank Pat for his dedication, vision and hard work."
Mr. Monaco added, "Enbridge's main priorities going forward are threefold. First and foremost, we will establish Enbridge as an industry leader in safety, operational reliability and environmental performance. Second, we will focus on executing our $17 billion of secured capital investments that will drive significant earnings and cash flow growth over the next five years and beyond. Importantly, this priority lines up with our objective of providing value added solutions for our customers. Finally, we will continue to develop new business platforms that will extend our growth rate into the next decade. Together with the rest of the management team and staff, I look forward to delivering on these priorities."
"After nearly 12 years as CEO, and more than 30 as an employee of the company, I am proud of Enbridge and all that we have accomplished," said Mr. Daniel. "Over the past few months, Al and I have worked together to smoothly transition leadership of the company and I am confident Enbridge will continue to deliver on its growth plans and to evolve as a leading energy delivery company."
Bios and photos of Mr. Monaco and Mr. Daniel are available at www.enbridge.com
About Enbridge Inc.
Enbridge Inc. is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in almost 1,000 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. Enbridge employs about 7,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers, and one of the Top 100 Companies to Work for in Canada. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.